COMMERCE and connectivity with South East Asian countries and the East and North India can be a significant and dynamic driver for the prosperity of the sub-region in particular and the region in general. The Summit sponsored by Indian Chamber of Commerce with its theme, "Pursuing Commerce and Connectivity", is, thus, very relevant to the current context of global economic development. This would be able to out appropriate ways and means to explore the existing opportunities of trade and commerce between India and its South East Asian neighbours. This summit opens up opportunities and avenues for cooperation and understanding among the members of the business community of ASEAN countries to work closely together. It will help strengthening our trade economic cooperation and communication network as well in the days ahead.
As far as efforts for industrial development in Bangladesh are concerned, the present 'Grand Alliance government under the dynamic and visionary leadership of Prime Minister Sheikh Hasina, in line with its main goal of bringing out a positive change in the society, would like to improve the living conditions of our common people and building a poverty-free, stable, democratic, peaceful and harmonious Bangladesh. The government is committed to the nation to build up a knowledge-based society with a view to establishing an industrialised Bangladesh by 2021.
The global economy has undergone sever crisis in the past few years. Due to the economic downturn, there has been contraction in global trade. Many countries have undergone huge losses of markets and their people have been suffering unbearable hardships from unemployment and loss of income. No democratic government can be oblivious of the risks of instability in the global financial sector. The financial excesses disrupted the world order and deeply influenced our thinking. We should be prepared to cope with the changing situation by ensuring swift adjustments, as are necessary, of our own national economic policies.
The Indian Prime Minister Manmohan Singh has articulated that for growth to be sustainable and the global economic environment to be stable and dynamic which is absolutely essential, there should be far more inclusion, as opposed to inequality that has spawned.
We have a strong faith in strengthening regional and sub-regional co-operation and expanding trade and investment for alleviation of poverty. We have to leverage regional co-operation to overcome knowledge gaps and to harvest the maximum benefits of modern technology. We must also ensure free flow of information, access to research and development, technology transfer, knowledge-sharing. These are very important issues where we can work together for sustainable regional development.
We are lagging far behind in comparison to developed countries in the industrial sector. In order to face the challenges of global meltdown, we have no other alternative than strengthening our domestic industrial capacity and diversification of our export. We can mutually help each other to face the challenges by exploring our natural resources, strengthening connectivity and communication and creating common internal market. We can share industrial knowledge, wisdom, experience and expertise for mutual benefit. This will also create new avenues for our mutual co-operation and market expansion and also for finding new areas of cooperation.
Bangladesh offers huge complementarities to the sub-region and the region. It has an export industry with landmark performance even at times of severe economic downturn. Our industries and our private sector have developed remarkable efficiencies that enabled us to remain competitive and even enlarge our market share. There is a dynamism deluge in Bangladesh. The environment is pro-growth and pro-production. The government of Prime Minister Sheikh Hasina is open responsive and accessible. The friendship towards our neighbours has deepened and matured and has become more purposeful. Historical baggage of bigotry which was impeding our fraternal relations has been jettisoned for good.
Connectivity, in real terms, means connectivity of infrastructure; people-to-people connectivity and economic connectivity. The outcome of the recent visit of Prime Minister Sheikh Hasina to India was historic in the context of deepening bilateral relationship of connectivity. We are embarking on extensive physical connectivity through road, rail and waterways. We are setting up infrastructure for import of power which will allow us to overcome our power requirements in the short run and may provide us the scope to further augment power supply regionally. These achievements have taken place very rapidly and will remain a testament to the political will and determination of the leadership of our two countries.
The unfolding results of the "Look East" policy of India give us a captivating picture. The trade of India with the ASEAN countries now stands at $48 billion annually. The trade with Singapore in 2007-8 was $15.49 billion; trade with Malaysia was $10.5 billion in 2008-9 and trade with Indonesia was $ 6.98 billion in 2008-9; and the trade with Thailand was $ 6.0 billion. All these happened when India adopted this strategy and started to work with it. In addition, the trade with India-China is only second to their trade with the United States. With the India-ASEAN free Trade Agreement (FTA) of 2009, trade is expected to increase to $100 billion in next five years. These are lofty numbers that should please any government and anyone in private sector. In this context, the government of India is now actively working in engaging and leveraging the North East with its vast resources and huge potential. We look forward to learn more from this "Look East" Summit of Indian Chamber of Commerce.
Bangladesh is keen to participate in the opportunities in the region and with the East. We are prepared to engage in improving the enabling conditions for the private sector to thrive and for the realisation of the potential of our people to improve their quality of life to which we are deeply committed.
Indian 'Look East Policy' considered the North East Region of India as a hub for investment. The North East India, which is conventionally known as seven sisters, is also a potential area for Bangladeshi investors. Very recently I visited the Indian state of Tripura and met with the local entrepreneurs and business leaders there. I am impressed to observe the potentials of Tripura. I hope that our prospective entrepreneurs will come forward in sharing mutual experience and knowledge to explore the existing opportunities of Tripura for the collective interest of both Bangladesh and India.
At present, Bangladesh is a unique place for investment. We have been pursuing a liberal investment policy for foreign investors with a large attractive incentive package. We invite you all to visit our beautiful Bangladesh. Please come and see our richest cultural heritage, our investment climate and enjoy our warmest hospitality.
We firmly believe, as a suitable place for investment, Indian as well as the ASEAN investors will come forward to invest more and more in Bangladesh, taking the advantages of its present democratic government.
We need to work together hands in hands in realising our collective dream. Let us fight collectively against poverty, hunger, discrimination and social injustice in order to establish a happy, prosperous and poverty-free South and South East Asia. Let us come forward to do something exemplary for the betterment of our future generation. Let us do something for the benefit of our common people, upholding the spirit of collective interest.
Let us raise our collective voice against global warming to protect our rich bio-diversity and humanity. We believe that a time will surely come sooner when we will be able to establish ourselves as industrially developed South and South East Asian Nations. We are looking forward for this happiest moment.
This is an edited version of the presentation made by the Minister of Industries, Dilip Barua, to the 'Look East' Summit of the Indian Chamber of Commerce, held in Kolkata, West Bengal, India, on